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Monitoring and Alerts

What is AML Monitoring?

The BSA/AML regulations require all US financial institutions to carry out proper customer due diligence as part of their Customer Identification Program (CIP), including identity verification, as well as Sanction, PEP, SIP and RCA screening on all retail customers and corporate/institution clients. But to remain compliant, financial institutions must also regularly update client records to ensure customers do not pose a new or increased risk to the business. AML monitoring is the process of keeping a regular check on all customers, ensuring any changes to their status that could result in a new or increased risk are identified and acted upon.

We can answer your questions about Monitoring and Alerts

Is manual AML monitoring reliable?

Manual AML monitoring is not only time consuming and laborious but is also open to error due to the sheer volume of data that needs to be checked. The most efficient, reliable, and cost-effective way to regularly monitor AML risk is by using an automatic online AML monitoring service. SmartSearch’s ongoing monitoring service takes daily updates from the Dow Jones Factiva Watchlist, which is comprised using data from more than 1,100 worldwide Sanction and PEP lists. Using this information, our innovative data matching processes automatically identify false positives ensuring our clients are only alerted if further action is required.

What’s the difference between AML checks and AML monitoring?

The AML process has three parts when it comes to completing due diligence on a customer or potential customer. The first is the initial AML check; identity verification to ensure the customer is who they say they are. The second part is screening for Sanctions, PEPS, Adverse Media, and RCAs. This is how you can assess the risk, if any, posed by entering a relationship with that individual or business. The third part is ongoing and is where, after initial checks have been completed, the customer is monitored for any changes. This is a vital part of the AML process because, if you check the customer once but never again, you will not know if anything has changed, so cannot be sure you are still compliant.

What is AML transaction monitoring?

AML Transaction monitoring is where financial transactions are monitored rather than individuals or businesses. By using a range of data sources, including credit reference agencies, fraud lists, bank card transactions and mobile phone activity, any potentially fraudulent activity can be identified.

Can I track identity fraud?

Identity fraud tracking is similar to transaction monitoring; by continually monitoring consumer reporting agencies, fraud lists, cell phone activity and bank card transactions, anything suspicious can be identified and investigated to see if there is any potentially fraudulent activity. The best way to mitigate identity fraud from the outset is to use an online identity verification system with facial recognition technology to ensure the customer and the ID they provide match. Our TripleCheck service includes the latest biometric, facial recognition and liveness techniques to give you a more accurate picture of your customers.

What makes a good AML monitoring solution?

The quickest, most reliable, and most cost-effective AML monitoring solution is an online platform that has access to Sanction, PEP, SIP and RCA lists. SmartSearch not only performs initial AML checks with Sanction and PEP, SIP and RCA screening, but hosts all search data on the system and monitors the entire customer database on an ongoing basis. Using data from the Dow Jones Factiva Watchlist, SmartSearch can ensure all clients always have a fully compliant position.

How will I know if a sanction, PEP or RCA match has been made?

SmartSearch automatically runs Sanction, PEP and RCA screening on every AML check performed, including business executives identified via a business check, and then our daily monitoring service tracks each check on an ongoing basis. Our system has one of the highest ‘match and pass’ rates available, which enables us to minimize the number of false positives returned; we will only alert you if a true match is made and further action is required.

Get the help you need

SmartSearch meets all your AML compliance and CIP needs in one by enabling AML checks, with Sanction and PEP screening, enhanced due diligence and ongoing monitoring all on a single system. Plus, because every check is automatically saved into the system, your compliance records are always up to date and you are always audit-ready.

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All-in-one solution

Thanks to our user-friendly platform and integrated app, team members at any level can successfully run AML checks any time, from anywhere. We are continually updating the platform to ensure it remains the leading AML solution on the market so you will never have to upgrade to stay compliant.

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